Nevada Regulators Move to Drop Money Laundering Law

Nevada gaming authorities took the first steps toward repealing the state's anti-money laundering law, saying they will turn that control over to the federal government. After more than one year of discussion, Gaming Control Board members said they expect to remove Regulation 6A from the state books by July 2007.

The 3-member board plans to vote on repealing the regulation during its August meeting in Carson City. The Nevada Gaming Commission will then have the opportunity to follow suit.

"This is the 5th time we've scheduled this item for discussion," Gaming Control Board Chairman Dennis Neilander said before the start of the hearing. No one from the audience, however, had comments on the matter.

Neilander said most of Nevada's casino gambling industry representatives that he has discussed the proposed change with had not expressed a strong sentiment one way or the other about repealing the regulation. Neilander said it will take at least the rest of this year and the first six months of 2007 for casinos to switch to reporting large cash transactions with the federal requirements.

He said the University of Nevada, Las Vegas' International Gaming Institute and the Internal Revenue Service have been contacted about developing programs to help educate casino audit and financial departments on the federal requirements.

July 13, 2006
Posted By Bob Hartman
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